Blockchain.com eyes $500M IPO as crypto capital markets thaw: Report
The crypto company is seeking a valuation of up to $6 billion, well below its 2022 peak, as recently listed crypto stocks struggle to hold their gains.
Blockchain.com, a prominent crypto exchange and wallet provider, is preparing to go public in the near future, according to recent reports. The company is planning to raise approximately $500 million through an initial public offering (IPO), which would be a significant development in the crypto capital markets. Blockchain.com's IPO would be a stark contrast to the $14 billion valuation it reached during the previous crypto boom, and it is currently seeking a valuation of up to $6 billion.
The potential IPO was first reported by Bloomberg, citing anonymous sources familiar with the matter. The company was granted permission to file draft registration documents with the US Securities and Exchange Commission in May, which paved the way for a potential IPO. Despite the positive market conditions, Blockchain.com faces challenges as capital markets begin to reopen.
Shares of recently listed crypto companies such as Gemini, BitGo, and eToro are still down significantly from their post-IPO highs. The recent rally in Bitcoin, which has climbed more than 30% since mid-August, has been a factor in the crypto market recovery.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.